Details

Autor(en) / Beteiligte

• Guci, Ledia

Titel

The 2022 Annual Update of the Regional Economic Accounts: New Statistics for 2021 and Updated Statistics for 2017-2020: Toward Regional Economic Recovery from the COVID-19 Pandemic

Ist Teil von

• Survey of Current Business, 2022-11, Vol.102 (11), p.1-36

Ort / Verlag

Washington: U.S. Government Printing Office

Erscheinungsjahr

2022

Link zum Volltext

Quelle

PAIS Index

Beschreibungen/Notizen

• The varying economic experiences across states precipitated by the financial crisis and the economic recession of 2007-2009 and, more recently, by the COVID-19 pandemic continue to emphasize the importance of regional economic statistics. On September 30, 2022, the U.S. Bureau of Economic Analysis (BEA) released the results of the 2022 annual update of the regional economic accounts. With this release, BEA published concurrently, for the first time, quarterly and annual statistics for gross domestic product (GDP) by state and state personal income.1 The release of annual data on personal consumption expenditures (PCE) by state followed less than a week later, on October 6, 2022. This article focuses on the annual estimates for 2021 from these releases to tell a story of ongoing regional economic recovery from the COVID-19 pandemic.2 itaiso provides an overview of the revised statistics for 2017-2020.GDP by state, state personal income, and PCE by state are related economic measures that provide important and nuanced insights on various aspects of state economies. GDP by state is a comprehensive measure of production activities in each state. In addition to the value of goods and services produced, it shows industries' contribution to each state economy. One way to gauge how a state's economy is performing is to examine the change in state GDP from one period to another. Comparisons of states' GDP with pre-pandemic levels show, for instance, whether state economies are on a path to recovery and how that path varies across states.Production of goods and services generates income for households. State personal income is a broad measure of the income received by households living in each state. It includes the income earned from production (e.g., wages), income earned from ownership of property (e.g., dividends), as well as transfer payments for government benefits (e.g., unemployment insurance benefits). Because the income that households receive plays an important role in determining their demand for goods and services, it is useful to examine the relationship between output and personal income. While these measures generally move together, there can be exceptions. For instance, as GDP declined during the COVID-19 pandemic, its impact on personal income was mitigated by various federal pandemic response programs including the economic impact payments, the Paycheck Protection Program, unemployment compensation and assistance, and the advanced child tax credit, among others.